Porsche (P911) Pre-close call summary

Executive summary

• Q3 deliveries were ~56,000, down 15% YoY; YTD Q3 deliveries were 178,532 vs. 212,509, reflecting temporary portfolio gaps and disciplined supply management.

• Demand for core products and exclusive derivatives remained robust, with pricing and mix supportive despite elevated costs and external headwinds.

• FY26 guidance remains intact: operating return on sales of 5.5%-7.5%, including EUR 800m-EUR 900m extraordinary net expenses; automotive net cash flow margin of 5.5%-7.5%.

• Strategic realignment targets a lower break-even point, stronger resilience and restored profitability through cost-base reduction and portfolio focus.

• 2027 is expected to bring transitional headwinds; cost benefits and improved product availability are expected to support meaningful earnings improvement in 2028.

Trading performance and revenue trends

• Cayenne deliveries were 59,586 vs. 60,656 (-2%); Macan 51,025 vs. 64,783 (-21%); 911 42,217 vs. 37,806 (+12%).

• Panamera deliveries were 13,714 vs. 21,243 (-35%); 718 deliveries were 3,291 vs. 15,380 (-79%) following end of production in Oct 2025.

• Q3 wholesales are expected broadly in line with retail sales and comparable mix; revenue is expected to decline less than wholesale volumes, with FY26 guidance unchanged at the lower end, ~EUR 35bn.

• BEV share is expected to rise in Q3 and Q4 versus H1 and be significantly above prior-year levels; first customer deliveries of all-electric Cayenne began in summer 2026.

• 911 momentum and high GTS, Turbo and GT mix supported demand; GT3 S/C was sold out.

Profitability and margins

• Q3 is seasonally less profitable than Q2 due to the summer break; expected strategic realignment EBIT charges are ~EUR 300m, including EUR 200m for Zukunftspaket.

• FY26 cost pressures include supply-chain inflation, supplier compensation for lower-than-anticipated BEV volumes, elevated D&A, unfavorable fixed-cost absorption, CO2 costs and FX.

• FY27 Zukunftspaket charges are expected at ~EUR 400m; ICE Macan run-out adds a mid-triple-digit-million-euro headwind, with FX and higher D&A adding a low-triple-digit-million-euro burden.

• Sportwagenschmiede '35 targets lower break-even through cost-base reduction, portfolio focus, operational excellence and disciplined investment.

• Structural cost initiatives are expected to increasingly support earnings in 2027, with most transitional headwinds behind by 2028.